President Biden is asking for $7,300,000,000,000 in his proposed 2025 budget. That’s not a typo. Read: $7.3 trillion. The U.S. will have to borrow $1.8 trillion to cover that budget.
The budget will also increase military spending to $849.8 billion, up from $842 million in 2023, only we know that those numbers are actually much higher due to private military contract spending.
Before you get too excited, remember that this is just an opening offer. Congress has to pass this budget and it’s unlikely they will without many negotiations. Still, let’s take a look at the White House wish list.
The budget proposal would increase taxes on corporations to 28% from 21%. It would also increase the minimum personal income tax to 25% for anyone with wealth of more than $100 million.
The proposal includes more money for border security but it would only add a paltry “1,300 new Border Patrol agents, 1,000 additional Customs and Border Protection officers and 1,600 more asylum officers and support staff” and 375 new immigration judge teams.” That is not going to do much unless something is done to curb the flow of immigration.
The budget increases military spending to prep for a war in Asia and of course includes more funding for Ukraine.
And what do the American people get for this? Well, the White House says that it will improve “customer service” for Americans for things like passport services and national park apps. That’s nice.
